The Africa Development Bank, AFDB, will pick a new President at its meeting taking place on Thursday. At the meeting, five candidates from South Africa, Senegal, Zambia, Chad and Mauritania, will be jostling to replace outgoing President Akinwumi Adesina, who will step down in September having served 2 five year terms.
The search for a new AFDB President is coming when Africa is facing a various challenges especially aid cuts and tariffs introduced by the US government. This means whoever emerges after Thursday meeting faces a daunting task.
The new president negotiate with the U.S. to reinstate the funding, reverse trade tariffs and seek additional funds from non-regional members of the bank like China, or Gulf countries like Saudi Arabia or the United Arab Emirates, in return for more say, or ask African states to contribute more.
A candidate must score 50.01% of the votes from the 54 African member states in the first round of elections, and in a second vote from all 81 members, including non-African ones.
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The AFDB is the largest financial development institution in Africa. It is owned by 54 African states and G7 nations like the U.S. and Japan while Nigeria is the biggest shareholder.
